Wind Turbine Market Overview:

Global Wind Turbine Market was valued at $81,147 million in 2016 to reach $134,600 million by 2023, and is anticipated to grow at a CAGR of 7.2% from 2017 to 2023. Wind turbines convert kinetic energy to electric energy. Wind is a renewable energy, which is considered as the cleanest source available extensively. In the recent years, this energy became one of the most economical and efficient renewable energy resource. The factors such as no greenhouse gas emission, power supply diversification, and short lead time for planning & construction of wind power projects boost the use of wind turbines.

Wind is a significant source of affordable renewable energy that currently contributes to 5% of the global electricity demand. The technological development for the growth of more reliable and efficient wind turbines makes wind power more cost-effective. Further, depleting natural resources and government initiatives to explore alternative sources of energy drive the global wind turbine market. The cost of electricity generated using wind energy is expected to decline in near future owing to the technological development. This is expected to deliver substantial growth opportunity for the wind turbine market in near future. However, heavy investment for the production and installation of wind turbines hinders the growth of the market.

The report emphasizes on the major types of wind turbines based on wind farm, which include onshore and offshore wind turbine. Based on application, the market is classified into industrial, commercial, and residential. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, it highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents the quantitative data, in terms of both value and volume, which are obtained from the secondary sources, such as company publications, Factiva, Hoovers, OneSource, and others.

Global Wind Turbine Market Segmentation

Asia-Pacific dominates the global wind turbine market, in terms of both value and volume. Moreover, Europe is expected to witness the highest growth rate from 2017 to 2023, owing to the increase in wind installation capacity which is more than any other form of power generation in Europe. Further, increase in investment for construction of new wind farms, project acquisitions, and refinancing operations are expected to boost the European wind turbine market.

Wind Turbine Market Share, by Geography, 2016 (%)

Top Investment Pockets

India is the most lucrative country in the market, followed by Spain and Germany. There is addition of wind energy installation capacity in these countries along with rise in investment in wind energy and onshore wind energy projects. At present, these countries are also inclined toward the increased investment in offshore wind energy projects.

Top Investment Pockets, by Country

Asia-Pacific Wind Turbine Market Size

Asia-Pacific witnessed the leading region in the global wind turbine market, owing to the high wind power installation capacity and government initiatives for the shift toward the use of renewable energy. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume.

3.4.1. Patent publication by year
3.4.2. Patent publication by company
3.4.3. Patent publication by region

3.5. PORTER’S FIVE FORCES ANALYSIS
3.6. MARKET DYNAMICS

3.6.1. Drivers

3.6.1.1. Technological advancement for the development of more reliable and efficient wind turbines
3.6.1.2. Depleting natural energy resources
3.6.1.3. Government initiative to explore alternative sources of energy

3.6.2. Restraints

3.6.2.1. Heavy investment for the manufacturing and installation of wind turbines

3.6.3. Opportunities

3.6.3.1. Decrease in wind energy prices owing to the technological development
3.6.3.2. Short lead time for the planning and construction of wind power projects

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Wind turbines are used to produce electricity from the kinetic power of wind. The major motive for the increased use of wind energy is to reduce the dependence of fossil fuels to create energy. Wind energy is significant and affordable source of renewable energy, which enables the reduction of greenhouse gas emissions, delivers cost-competitive electricity, and diversifies energy supply. Wind energy is a renewable energy, considered as the cleanest resource of energy available extensively and in abundant quantity.

The offshore wind turbine segment expected to witness the highest growth rate, registering a CAGR of 7.9% during the forecast period. However, despite the higher construction & maintenance cost associated with offshore wind turbine, currently, there is an increase in offshore wind power owing to the availability of space and stable strong wind. Onshore wind turbines is the leading type segment, owing to cost benefit over offshore wind turbine, easy installation, and greenhouse gas reduction. Globally, there is a presence of huge onshore wind resources, which could meet global electricity demand. In 2016, industrial segment was the leading application segment where wind energy is widely used for power generation, engineering & telecommunication, industrial buildings, and ports including many others.

In 2016, Asia-Pacific is the most significant market for wind turbine, in terms of both revenue and volume. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume. Asia-Pacific is expected to show excellent growth on account of high wind power installation capacity and government initiatives for the shift towards the use of renewable energy. Europe is the second leading region, which is expected to register a CAGR of 7.4% in terms of revenue.

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